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President: World interest in Turkmenistan not limited to natural resources

The interest shown towards Turkmenistan in the world today is not limited to gaining access to its natural resources, local media quoted President Gurbangulu Berdimuhammedov as saying.

"Our country is no longer seen only as a global reservoir of hydrocarbons," he said. "Turkmenistan is a promising subject for long-term investment in industry, agriculture, transport, communications, textile and mining industries, construction, tourism etc."

"They trust us, not only first-class companies, but also the world's largest financial and economic centers ... intend to cooperate with us. We are talking today with our foreign counterparts in terms of not just a country rich in raw materials, but also as an economically strong and stable developing nation that has something offer to the world other than oil and gas," Berdimuhammedov said.

Turkmenistan is transforming its economy, financial sector and social services.

"Our strategy is aimed at diversifying the economy, and the creation of a multidisciplinary and multi-functional economic system," he added.

Turkmenistan has created new legal and institutional frameworks governing economic relations. The country adopted a package of laws that improved governance structures, formed additional funding sources and carried out drastic changes in monetary policy.

In recent years, Berdimuhammedov noted, the country has balanced rate of national currency against hard currency and carried out denomination of the Turkmen manat. A stabilization fund was established in Turkmenistan thanks to significant budget surpluses.

The country is also carrying out social reforms in important areas such as pensions and social insurance. It is expanding the range of social benefits and preferences provided by the state to the population such as the free use of gas, electricity, water and other communal services.

"All the reforms were achieved thanks to a well-functioning mechanism of the governance. We firmly believe the management of economic and financial processes through the development of legislative framework, and that improving the system of state and non-state actors is the determining factor in the realization of socio-economic policy," Berdimuhammedov said.

However, Turkmenistan, he said, "must rely on generally accepted international rules, take into account international standards, and learn and effectively use the international experience."